Andy, they're a day late and a dime short! They should be hoarding their cash and only buying what they REALLY need. A year's supply of toilet paper isn't a "need" right now. It's a knee-jerk reaction to the unknown. I agree that they are trying to do something -- anything to feel secure -- BUT, they are going at this without thinking about the real problem. The problem rearing its head is how to financially survive in a world that has lost its legs for the moment.
I've been planning for this day for many years -- since the last financial crisis and the one before that and so on. When the people around me were taking their exotic vacations and buying their cool cars, I was saving and planning. They made fun of me and told me I was stupid. In their words, I needed to get a life. Now, I'm sitting back quietly and watching this crisis unfold. Yes, it is different. But, so was 2008, 9-11, 1990, and 1980. How about 1973 when we had to line up for gas for the first time due to OPEC?
I don't have a clue how long it's going to last. I do know that my rents will continue to roll in. People must live somewhere and I have a good thing going with those investments. And people must wash their clothes at some point, so they will use my Laundromat. If the people paying on their properties don't pay, I'll call my attorney. If the people stop making their car payments, I'll call my repo guy. My life will go on. I've always been the adult in the room. For me, this is just another moment -- not a disaster. I can't say that for a lot of other people I'm watching...
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